Meriton heading to hotel topspot

Tuesday, June 21st, 2016 - Meriton Serviced Apartments

DEVELOPER Harry Triguboff AO, last month ranked Australia’s richest man, is racing toward another pinnacle – becoming the nation’s biggest owner of hotel rooms.
Mr Triguboff’s Meriton Serviced Apartments arm, sitting at No.2 for two years, is expected to assume the top spot later this year when a raft of new projects will take its hotel suite numbers to 4621.
That figure will grow to 5296 in 2017.

The burgeoning portfolio, the result of a decision 12 years ago to diversify the Meriton business, will see it overtake the Abu Dubai Investment Authority as Australia’s biggest accommodation owner.

Mr Triguboff, who last month topped the BRW rich list with a $10.62 billion fortune, yesterday said that his move into serviced apartments had been a resounding success.
“I’ve got my foot on the accelerator.

“It didn’t take me long to learn that if you own the buildings and run them properly yourself rather than lease them out, the serviced apartment hotel business can be very lucrative.
“So we’re taking every opportunity, when the location’s right, to build more serviced apartments.”

The Meriton hotel portfolio is spread through 16 buildings in Sydney, Brisbane and the Gold Coast.

Matthew Thomas, national manager of Meriton Serviced Apartments, yesterday said that the group expected to end this year with 4621 suites in the wake of new suites coming on stream in Mascot, North Sydney, Parramatta and at Southport on the Gold Coast.

“We’ll be adding even more suites in 2017 that will take our portfolio to nearly 5300.

“We are bullish because the market is truly embracing the Meriton Serviced Apartments brand and because Tourism Australia is very positive about the future.

“We are able to offer buildings that are all less than 10 years old, afford great views, provide people with space options and the chance to be fully independent through having full-sized kitchens and laundries.”

Mr Thomas said Meriton was running a very professional, five-star business and was unrelenting in polishing its brand.